Russian Oligarch Roman Abramovich recently announced that he will be selling the Chelsea Football Club. The development emerged on Wednesday when Roman Abramovich issued a statement where he was quoted saying, “I have always taken decisions with the club’s best interest at heart”. He further noted that a charitable foundation will be setup where all net sale proceeds will be donated to the war victims in Ukraine.
For the unversed the Russian oligarch became the owner of the companies that controlled Chelsea Football Club in 2003. Under his control the team won 18 major trophies, including UEFA Champions League, UEFA Europa League, Premier League, FA Cup and more. After taking control of the football club, fans of Chelsea FC noticed Abramovich’s presence in the club’s games and his emotive gestures. This projected a feeling of genuine love for the sport and its players, and fans marched with him in tune.
Roman Abramovich’s announcement came a few days after a Russian billionaire put a bounty of $1 million for the safe arrest of Russia president Vladimir Putin.
The Facts of the Matter
The ongoing Russia-Ukraine crisis is ever-evolving and ever-expansive, and its ripple-effect is felt by countries, ventures and sectors around the world. Meanwhile, on Wednesday, Russian billionaire and politician Roman Abramovich issued a statement that shook football enthusiasts across the globe. The Chealsea Football Club owner announced making an “incredibly difficult” decision of selling the Premier League Club.
“As I have stated before, I have always taken decisions with the Club’s best interest at heart. In the current situation, I have therefore taken the decision to sell the Club, as I believe this is in the best interest of the Club, the fans, the employees, as well as the Club’s sponsors and partners,” his statement read.
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Sale Proceeds Will Go to Ukraine War Victims’ Support
He further added that his team has been instructed to set up a foundation which will use the sale proceeds for donation. The sale proceeds will be donated to Ukraine war victims and will also be used in creating funds to support “long-term work of recovery” and “towards the urgent and immediate needs of victims”.
He noted that his decision, albeit an “incredibly difficult” one and one that “pains” him, is for the club’s best interest. The 55-year-old billionaire also added that he hopes to visit the Stamford Bridge, Chelsea’s home stadium, one last time to bid farewell.
“It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements. Chelsea Football Club and its supporters will always be in my heart,” he noted.
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Buying Chelsea FC, Deploying Funds to Acquire Greatest Players
Back in 2003, Abramovich bought Chelsea Football Club from UK-businessman Ken Bates for £140 million. To help the team compete with the greatest of the greatest, he went on to deploy financial resources to the club and further extended large interest free loans that cumulatively amount to £1.5 billion.
$200ml Losses After Winning Champions League
In hindsight, his funds pumping and giving loans was a way of him compensating for the club’s overall losses. In the UEFA 2021 season, the Chelsea FC announced another $200 million loss – which came after the club won the Champions League, a league that has a sizeable reward size and remuneration coming from broadcast rights.
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“Never Been About Business..”
In his statement earlier this week, Abramovich also noted, “The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club.”
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